Credit Suisse: what next for the crisis-hit bank? | FT Film
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- čas přidán 12. 07. 2022
- The Credit Suisse story is about how finance went wrong at one of Switzerland's most important institutions and one of the most important banks in Europe. It's a tale of high-profile scandals, from corporate espionage to cocaine smugglers and oligarchs. But what does the future hold for the venerable institution? Credit Suisse's new chairman, Financial Times reporters and banking industry experts explain it all. Read more at on.ft.com/3PrvpZe
Produced, directed and edited by Daniel Garrahan
#banking #creditsuisse #finance #lender #Switzerland #ubs #zurich #scandal #spygate #tidjanethiam #axellehmann #thomasgottstein #banks #morganstanley #spying #oligarchs #covid #lockdown #antoniohortaosorio, #coronavirus #archegosgreensill #markets #bonds #investing #investmentbanks #investment #money #scandals
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The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.
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And after 8 months this programme was aired, Credit Swiss has finally gone! Watching this again, how insightful it was!!
You read my thought bubble! 👍
Try reading Karl Marx for "insightful"
How can journalists be waving red flags and yet!
lol yea
But ... no one of us taken short position on Suisse , or we would have been millionaires now 😱🙁😭🥺🥱
This bank crisis is so far from being over. Anyone who has been around for longer than 12 years, knows a credit crisis isn't over in two weeks. Makes me laugh seeing folks thinking this was all over so quickly. We are seeing a credit contraction that is gonna lead to a major contraction.
It's often overlooked that banks are also corporate entities driven by greed. One of the contributing factors to current bank crisis is the banks' excessive leveraging of assets. However, on the advantageous aspect, economic downturns offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
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Whose here after hearing this came to reality 8 months later? Crazy
This is actually insane
I wonder how much of their business was doing sleazy things for Russian oligarchs.
Yes me I’m here after 8 months
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Despite hearing that insider trading secrets could lead to making millions in the financial market, I hesitated to invest as I lack the required skills and a sound strategy to surpass the market and achieve profitable returns. Additionally, although I possess $160,000, I find it challenging to take the plunge due to a shortage of funds.
It is advisable to steer clear of cons that appear improbable. Seeking guidance from a fiduciary advisor can be helpful as they are highly skilled in their field and can provide tailored advice based on an individual's risk appetite. While there may be unscrupulous individuals, there are also remarkable ones with a positive track record.
@@theresahv I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you
My advisor is ‘’Julie Anne Hoover’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@theresahv Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
CS in Japan in the aughts. The BOJ did surprise inspections of most of the banks. They were looking to punish banks for excessive jpy trading and were sanctioning banks for any compliance/regulatory exception no matter how small. The way they did the audit was the banks provided a floor map of the offices and the BOJ went through the rooms one by one, ticking them off as they went. So what CS did was they altered the floor map to leave out one room. Then they put all of their objectionable, non-compliant files in that room. They nearly got away with it but the BOJ noticed there was a locked door they never had been through. Just another example of their rogue behaviour …
DB in Japan in the Aughts. Same same, but different.
I worked at CS this summer - my manager was an absolute corporate psychopath. I reported him, but the investigation was swept under the carpet. While he was on "leave" I worked with another team, which had no idea what they were doing, but were extremely resistant to fixing things. No wonder the ship is sinking.
Let them sink in
I also worked in CS a few years ago and had a great team and exemplary management. People I worked with deeply cared about quality and process. Your comment is superficial, you cannot judge an entire company of such size according to your very limited experience and visibility. It's obvious that not everybody is "good" or "bad", like everywhere in the world. Credit Suisse's top management made several big mistakes and now the company is going to pay for that. It will take a long time to recover, if ever. But those who will carry the most weight are the employees that probably did not deserve it. So I don't feel like commenting as Mr. Kiril Mihaylov did below with his shameful "let them sink", without thinking about all those who will lose their job.
@@robertor.7319 CS is bilshit bank laundering money for narcocartels
You didn't do well there then. Thing is if you think everyone around you are wrong the likelihood is that you're the problem.
@@notbaltic280 no CS is the problem
Axel lehmann , chairman , credit Suisse. The surname itself is enough to send shivers down the strongest spine 😂
Not the same as Lehmann Brothers. Crooked bankers do not need any association to be crooked.
@@tillamook7446 ofcourse he has no association. Was just a joke on his name :)
And here we are. :)
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency.
With a decreasing ability to control inflation and a reduction in stock and oil trading, it seems that a new multilateral world order
It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimise risks and maximise gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.
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I agree with you on everything, these days finding a financial mentor is a tough challenge which is why I am happy and grateful to have been introduced to my mentor Larry Kent Nick by a friend. I made a lot of money in just two months working with him for just a small investment
Who exactly is this Mr. Larry? what does he do?
And how can I take advantage of him
He is a financial advisor and investor, he helps people to better understand the financial markets and he also does trading and investing on your behalf.
Getting in touch with him is very simple, just follow him on instagram
@ Larry Kent Nick Trading
I love when scammers loot the scammers. Most of the deposits of credit Suisse is corrupt money.
Good one
You are being fooled here.. dear man... This report is now written in 2022... But you need to learn history.. to know whether it was or was not a scam. Don't be fooled. I was watching another video about the Saudi Arabian Stock Exchanges.. and how much time it took them to stabilises.... 🤣😆... It is very fascinating. Never ever considered that for something to work, everybody has to pull in a certain way. Which... humanly speaking.. this is very very hard to do. lol.... Too many Chiefs.. and no Indians...
This aged incredible lol.
This episode way back saved my money. When CS SP was going down I started to look into investing in CS. Came across this in the process. Never trust a dodgy management
Credit Suisse is rapidly transforming into Debit Suisse.
Old games
🤪🤣🤣
And yet they've just recruited the Irish CEO of Ulster Bank as their EMEA Ops leader. She's known as a "shouter" - so no impulse control. This does not bode well ...
Would FT please consider using chapter breaks in their videos so that we can rewatch certain portions more easily?
Really? Were lucky they dont put this garbage behind a paywall - those greedy c**ts
THIS VIDEO HAS AGED LIKE A FINE WINE.
On a much smaller scale, I am Swiss and used to be a client of CS. They have a policy of stalling on transferring your pension fund to another bank if it's in their best interests to do so. It took me three and a half months, endless calls, letters and visits to the bank to get my 3rd pillar investment fund transfered to my new bank, meaning losses of many thousands of swiss francs that I had invested with them for my retirement. It is an absolutely disgraceful institution and I hope the regulators nail them, fat chance of that happening though.
All major banks will do such shady stuff
@@kirilmihaylov1934 I think pension funds will be the main target of hedge funds and investment banks
Interestingly all the American News agencies are interested in European banks but certainly ignore their own mess, MS was bailed out all thanks to post WWII American influence in Japan, CITI is living on breather, Goldman is basically American central bank gets all insider information, also all the above are ones whose share prices have fallen by 20% in this year. They govern their markets, they make rules and their media is all after Swiss , German & British banks !! Makes things very fair for Americans!
@UN KNOWN money makes the world go around
Shame on you. As a Swiss then ZKB or Migros!
Today you have the answer to your title. What a terrible outcome.Absolutely spectacular.
Gotta love managers bullshitting: "We have a 160 years history."
Dude, you are a new hire among 50% new hires, looking for ticking time-bombs.
yeah once the most prestigious Inv Bank, now you go...
fuuuccckinnn
yourself
by having a Chinese Communist Party member
as the President & CEO...shockkkkin
Amazing how nefarious these bankers have become yet no one faces punishment..smh
Listening to the first few seconds of this, I had to check if the date it was posted was 2008...
Clearly the lack of consequences for those responsible for the last recession, means bankers have learned nothing.
Exactly 💯
Why learn if you don't have to? They've always been "change the rules of the game" kinda people. They just change the rules to work for them not society.
Watch the whole video it clearly says that Credit Suisse in particular did not change post 2008 crisis.
A few things…
1. how where they responsible for the recession? Thing was a little bit more complex and it was the beginning recession/rising interest rates that pricked the housing bubble and then lead to banking troubles
2. bankers and banks respond to incentives set and play the system
Everyone does that
Same I checked date if it was 2008.
There is one thing which is surprising. FT doesn't even let me read their articles, unless I pay for it, and here it has made a full fledged documentary and released it online, for free. Why ?
They're trying to get money from those who will pay. I suppose based on their research they see that as the way for them. Others grow to become a huge online then make their money from large advertiser reach.
CZcams pays per view.
I'm guessing they will use the information they have for the paper articles to create the videos. So the research work is shared, cost saving.
To be honest I'd like to know what's going on in China financially because there are at least 6 large banks where customers are blocked from withdrawing their money.
6 Hong Kong stock market listed construction businesses have been removed from the Hong Kong listing for not publishing the results from 2021
50 large construction projects have customers cancelling their orders.
91% decrease in some China bonds.
Imports into China are down, suggesting reduced demand.
Xi Jinping has not been seen for weeks, since he last had a meeting in Hong Kong where he met someone who the next day tested positive for COVID. He even cancelled a meeting with Putin.
It's China having a financial crisis?
Where is Xi Jinping?
Good question...
@@Google_Does_Evil_Now CZcams Ad Revenue is incredibly significant.
Advertising as well - if they publish an video on here, they’ll hope that you sign up to read their web articles too
I for one will NEVER subscribe for a Murdoch product again until they allow users to cancel via their account page without being forced to submit to the hard-selling lying scumbags in their outsourced call-centers. Go with Bloomberg. Easy in easy out without being treated like a child who has ask permission to cancel their subscription. Besides all the best talent at FT has moved over to Bloomberg etc
Lehamn Brothers, was 150 years old..before....the...Collapse...in..2008.....
Credit Suisse share price in 2000 CHF87.00 Credit Suisse share price in 2022 CHF5.11. Down 77% overall. Tells you all you need to know.
Yes it does Peter. A culture of miss management greed and lack of control. Not something that any large bank can deal with comfortably.
Wow.
Yes but all the upper management became filthy rich. That's what truly matters. Very happy for them.
@@colinburnside4569 all major banks do it
@@idokwatcher2062 yes like Boeing management
The bond holders who were wiped out obviously had plenty of warning to cash out.
Who else is here after the news today?….
Isn't it ironical that the chairman is named Axel Lehman?
If any normal person without a large amount of money behaves in this way they go to prison.
Yet a rich banker gets "time from shareholders" to turn it around.
Disgraceful.
Well it dependes. If you are working for the company under the companys name you should not be held accountable if you make mistakes. However if the "mistakes" are illegal and you are responsible for them you personaly can be held accountable if you get sued.
@@JCB576 Except we all know the banks write the laws through lobbying. Things that most people would consider criminal are perfectly 'legally' normal in the financial sector.
@@mentality-monster like what?
You steal at a grocery store for $20 and you get jail time..yet bankers steal billions and nothing happens.
I have never worked for a more self-centered company. It will not change - just look at the salaries. More than 1300 senior manager have just one simple goal: stay as long as possible and get paid like nowhere else (1mio plus). No incentive to change the bank, just sit and earn.
how is that not normal? here in germany local village banks managers want their million per year while charging 1,50 € per paper transfer from old grannies, raising account prices, the million has to be, below is inhumane
@@zombiekilla7463 in total Germany 492 bankers earned more than 1mio. per year. At Credit Suisse alone it's 1'438.
Spot on
After the whole Greensil issue, it's pretty obvious this bank is a joke when it comes to risk assessment.
Don’t say that!! 🙂➡️😬
Who’s watching this video today? Quite predictive.
I used to work in credit Suisse as a contractor in private banking arm as I want to know if this is the right industry for me. Saw and heard a lot of undesirable conversations on the floor where the private bankers talk to their clients and worse among themselves ( the bankers are just glamourised hooligans using guns and bullets peppered in their convo. ) this was in 2009. I fled the co and finally see what I already trust how bad this bank is in 2022. Frankly credit suisse really should fold up instead of continuing its existence.
then youll love this one too czcams.com/video/np_ylvc8Zj8/video.html
I'm 58 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, 40years nonstop just for a crooked system to take all you worked for,
I feel your pain, as a fellow retiree I’d suggest you look into passive index fund investing and learn some more. For me,I had my share of ups and downs when I first started looking for a consistent passive income so I hired an investment advisor for aid, and following her advice, I poured $130k in value stocks and digital assets,Up 200k so far and pretty sure I'm ready for whatever comes.
@@viviangall1786 I think it's especially difficult for retirees and near retirees, I know to focus on the long term but the anxiety when you're supposed to be retiring in 3years is super exhausting, I've been looking into hiring a market expert as well
@@bobbygunz9254 I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
@Jeremy Walker sure advisors are outperforming the market and raising good returns but some are charging fees over fees....seeing that their services are in high demand more than ever....Seems more like extortion to me.
@Jeremy Walker okay thanks for clearing that up, already went through her web-profile and it seemed pretty tight which is why I was worried her fees will cost a ton haha. thanks a bunch for sharing
Anyone here after today's news????
Yep
They don't say much about the individuals actually making those high risk positions. Only very high level of managers not keeping an eye on things properly. Where do those dealers/fund managers come from? Are they the cowboys that relocated from London? London and the UK have the biggest money laundering facilities in the world. Gibraltar, Cayman Islands, Guernsey, Jersey, British Virgin Islands, Bahamas ....... need I go on?
All true dat, England was an economy built by pirates, still is!
Well said
The US has them beat but keeps it even quieter: Delaware corporation.
The Swiss have had a problem admitting to fault for decades. It brands itself as an old European direct democracy yet women couldn't vote federally until 1971 and many cantons still penalize dual-income families. Forced child labour (Verdingkinder) was a thing until the 1960s, including hundreds of gypsy children forcibly removed by the police from their families to work on farms, no official apology until 2013. The first known racial eugenics case originated from Switzerland in 1883 and gypsies and "mentally deficient" people continued to be systematically forcibly sterilized by the state until the 1970s, well beyond the end of WWII. We don't hear about these stories when we think of Switzerland, do we?
No, we don’t hear about them.
Don’t forget that fiasco involving FIFA.
Smells like fascism.
Oh wow, Switzerland bashing! Look at the faults of your own country before you criticize Switzerland.
@@ninanina4324 I'm Swiss and people like you are the problem.
Risk Taking was rewarded. Risk for the clients, reward for the banks/wealth managers. Let that sink in!
If credit suisse has been ignoring a thing called 'risk management', they are not about to start now.
I've heard that main risk manager at TFX is ex CS risk manager. It's really bad when an clearly under intelligent person thinks that they've figured out the life.
Imagine firing a superstar CEO who turned one of the biggest banks in England from Zero to Hero because he attended a sports final ultimately paying millions. For me the story doesn't smell right, he probably wanted to change a lot of things in credit suisse that left a lot of people very uncomfortable.
Looking at this video from 2 months where Credit Suisse is now on the verge of collapse, it’s hilarious.
Nice PR, strategy by new Credit Suisse president, to onboard FT and get them onboard. A good way to own your mistakes and then promise of a clean start.
Echoes of Enron.....kept hanging on for years with reboots and fresh starts but the rot was terminal.....then broader market stresses pushed it into the grave it had dug for itself.
That case was even worse.
I'm not a paranoid gold bug but you have to ask yourself if we are going to see more institutions fail and what is going to stop it this time if governments are maxed out.
I am not very educated in these sort of things. I do really like the way the video is presented, no drama, just facts.
Anyone else here after the death of Credit Suisse?
Frankly the Swiss brought in non Swiss and things went down hill. Surprise surprise.
While that clock ticks, I’ll be adding positions to Credit Suisse. Never let a crisis go to waste.
you know, if any of these crooks ever went to prison, I bet the system would "reform" really quickly.
too rich for that
This is why Iceland is my favorite country. They jail their bankers :-D
The name Credit Swiss is the poster child of where not to park your money.
Softbank is the Credit Suisse of venture capital. Jesus. It's like they only make bad investments.
Son has been boom and bust. 2nd time around.
They’ve made a ton of good investments though.
Do bad investments of SoftBank cover up dirty money?
@@HKim0072 Son was a one-hit wonder with Alibaba. Now even Alibaba is sinking fast, along with Son's other investments. ARM's listing might turn into another bust.
This documentary only serves to confirm that wise old adage "never believe anything until it is officially denied". Turning to Deutsche Bank, this was once a solid, reliable and conservatively run bank. Things went wrong when it decided to embrace the Wall Street and City of London culture of casino investment banking.
My only question when something like this happens is how do you lose 160billion?, where does is it all go? All of these suits can talk all day but how is someone allowed to 'lose' all that money?
If you watched the video, they mentioned that CS gave all those loses to their client’s pool of investments.
So it’s considered “part of the risk”, and there’s nothing the clients can do about it. Or probably aren’t even aware of it. Since having drawdowns are a part of investing.
To be honest, in the end it felt like a hit piece rather than an independent journalism. For the first 19 minutes they cover every scandal of recent years and then criticize the bank for not retaining their "talent" with ridiculous incentives. Clearly, that "top talent" was responsible for these scandals in the first place so the responsible thing for a bank is to get rid of them. Why would you criticize it if you don't want to simply paint a portrait of the bank as being a complete disaster? It almost feels like all the people interviewed shorted Credit Suisse and are trying to erode any confidence in the bank.
Nothing new here. Just another day where a scammer gets hit. This goes on to reiterate the "Cash is thrash" cliché. I only feel for those who have their money with them. It's going to be a long long night for them.
Like they had much of an option. Besides these bank, and the traditional gold, is there any other easy way to safely hold your funds and possibly make a little profit while at it?
facts only
@@trishawallor There are literally a lot of options out there. Stocks happen to be one, only downside is you have be real careful about where you put your money or better still, get the services of a pro (that way, you give little room for error). Made my first million earlier this year this way. Good luck!
@@thesportsguruu Very sound and pragmatic. I have been into this for long and though I won't say I have lost a fortune, but I have squandered quite a lot. If it's not a problem, do you mind recommending the pro you worked with? I could definitely use the help of one right now... I look forward to your reply...
@@queenofkatwe3990 Funny enough, I can honestly relate. I don't know if I am permitted to drop it here, but her name is "Leah Sandock Marie". Was in the news a lot in 2018. You can check her out online for more.
Lol. They hired someone called Lehmann.
Wow.. so everyone already knew that? They just waited for it to happen.
I am watching this again in March, 2023.
24:32 more prescient words were never spoken. 16th March 2023 their stock is down 30% and will require taxpayer money to be bailed out. but the swiss are rich so i guess they don't care their money is being used, even for such frivolity.
I work for a Swiss bank and I hate the fact that more and more former CS people join our company.
It will not end well for us. They have already effed up our corporate culture. A question of time before they eff up our balance sheet as well.
Relax. UBS and CS have always had employees crossing over.😁
This is the banality of evil, the status quo of the global banking industry. You would find these same failings and much more if only you could truly scrutinize these evasively opaque institutions.
neither a borrower nor a lender be....Daniel Garrahan
@@thinking6307 it is not that simple
So , don't use a bank...simple...don't borrow . don't that, etc.
if only? czcams.com/video/np_ylvc8Zj8/video.html
Who’s here in 2023?🙋🏻♂️😂
Credit Suisse isn't
This video aged very well 👌
As long as they stay in their history, it repeats itself!
Awesome and very gripping documentary. Nice video. Keep up the good work.
Why on earth are they allowed to carry on trading as a bank, close it as a warning to the banking sector that they will close you down.
Coming back to this as CS is about to crap the bed.
Bottom line: the sanctions against the Russian Oligarch Mafia have hurt them badly.
great documentary
5:54 no, this is Swiss banking culture. I’ve seen other top executives/whistle blowers from other banks make that same statement, people following them, watching them/spying
Exactly the amount of people that think this is limited to this bank are kidding themselves. Swiss culture is based on screwing the world to make money. Pure scum
NYSE ADR USD 79.29 in 2007 to USD 5.36 (an all time low) with high volume as of July 13 2022.
Axel( Lehmann.) .... What could possibly go wrong!!!!
This even more painful to watch today
Credit Suisse is the Wells Fargo of Europe
Financials scandals just won't be the same without credit suisse 😢
The very top level management are going the right way but risk and compliance needs to be embedded in every day in every way. And that takes breaking up the mini empires running in CS. It may take a mass firing to get rid of those people.
they assumed the risk, they don’t deserve to be bailed out. maybe they deserve prison though...
Thank you FT for your important journalism!
I suggest retail individual businesses should give banks share in capital just like mortgages are issued.
the longer i live the more i feel there is so much corruption. this is why capitalism isnt perfect
Especially regarding in relation to the last two years in the so called "health" sector. Highly corrupted...
After the 9/11 attacks in 2001, Credit Suisse built a big IT center in Raleigh, NC to decentralize itself from having all its US operation being in the NYC area. It was a major employer in Raleigh. I did not work there. In the 2020 pandemic recession, I looked back at Credit Suisse to see if they were hiring. They had a few jobs but not much of interest. I looked elsewhere. I was not aware of their corporate demise. Wow.
have you thought about writing a book documenting this fascianting experience? so glad you shared it with us all, incredible insight.
@@Bingpot_Cowabunga lol
Lots of old banks have gone away. Never trust because it has been around for a while.
Good Job well done - it's the worst bank and a shame for the Swiss financial marketplace. If this would happen in any other business or industry, they would go to jail. thx for good reporting
As a Swiss I disapprove to have a system relevant bank with foreign CEO’s who haven’t a connection to our country and traditions. If us taxpayers once again have to help Credit Suisse we should demand of them a severe code of conduct. A bank doesn’t need to be in the news.
You are absolutely right. It seems that it has become a fashion to have a foreigner to be a CEO. Just look at US !!!
I feel you. Banking should improve a country and not undermine a country's culture. Mainly if a bank is in the news it means trouble and the greedy culture overtook the sustainable mindset of long-term growth. In the end, they just place bets and if they win they take the win, and if they lose, the house can pay.
I mean if you are thinking from a tax standpoint you should just want a CEO who can return the money back to you and restore the company back to its glory days. It shouldn’t matter if they are Swiss, American, British or etc.
Least racist Swiss
I think the problem is simpler than that. When the banks make a profit or even break even the bosses get a massive bonus. When the banks lose money the bosses have to give their bonuses back.
Just kidding, they still get a bonus but slightly smaller.
Let them have karma. Seen CS doing regularly pump and dump on penny stocks on a good news release by "becoming a substantial holder" then next (few) day(s) they sell the whole lot (cease to being a substantial holder). Retail is then getting trapped by buying in at good news then loses alot of money and becomes a bag holder, market manipulation at its finest. Have myself been fortunate, and if I see CS joining a party at rising stock these days, then I know its time to put a stop-loss and try to sell at a higher price.
@3:49-3:52 daaaaaaaaaaaaaaamn!! Definitely not Swiss. Most likely a tourist staying over for the summer, if you know what I mean. 😍😍😍
This video is gonna age well
What a coverage! Amzingly put. Well done, FT!
Incredible!! Good point made at 4:00 by Natasha Harrison. Impressive integration of the clock mechanism throughout the video.
Look forward to the sequel currently playing out and if CS is still around.....
Everyone is doing it in banking except that CS is very unlucky to be caught too often. Let private banking return to its plain, boring roots. Investment banking should be greatly curtailed because excessive risk taking in this area is creating one crisis after another.
The so callled International highly repuatable bank is just deguised to dupe investors and making money from trasaction , But the bank didn't have proper structure to control risky venture/investment
Powerful wealthy people experiencing being lied to 😂😂😂😂😂 Welcome to the club of the rest of us. 😂😂😂😂😂
Banking history has never been clean.
Thank you for the subtitles.
You give little blame to Urs Rohner, chairman for +10, vice-chairman for 2 and head of legal/compliance for 5 years.
He didn't have any vision, sense of business and performed even poorly in the area of his expertise. Unfortunately he's a smooth talker and excellent networker, which kept him in power for far too long.
Not to mention how he enabled insane bonuses for the C-suite during Tidjane's time.
Brilliant piece this. So professional in its editing, content etc. FT - the finest. Bravo.
this aged like fine wine
Me who is working in CS and seeing that we employees who work hard and getting less paid , and these top greedy executives who make so much money through scandals beyond my imagination 👀
this aged well